Advantages of Incorporating New Businesses in Maryland

Forming a new business is a complicated process -- choosing to incorporate the business in Maryland has many advantages.

2012-11-06

November 06, 2012 (Press-News.org) As many large and small business owners know, the decisions made early on in the life of the business can have significant implications down the road, as the business continues to succeed. One of the first decisions a future business owner must make is where the business should be incorporated. At times, people look only to the one or two states with the most business-friendly reputations, without considering the potential financial and logistical complications. Often, incorporating right at home in Maryland is the best option for future business owners.

When incorporating a new business, many steps must be taken involving important decisions about the structure and location of the business. Without the right type of expertise, it is easy to be confused and overwhelmed by the process. Knowledgeable business law attorneys are indispensable tools under such circumstances, and are able to advise future business owners regarding the best choices for their business.

Essential Steps for Incorporating a Maryland Business

For every potential business owner, the first -- and perhaps most important and complicated -- step is deciding which type of business structure is best for the business. A number of business formations are available, with the most popular being:
- Sole proprietorship
- Partnership
- Corporation
- Limited liability corporation

In most cases, a business lawyer will be best suited to discuss the characteristics of the proposed business plan and advise the future owner as to the best course of action. Certain business types must be registered with the state before proceeding.

After settling on the type of business structure, the potential owner must choose a name for the business. In addition to the business name, a so-called trade name may also be established. A trade name is the name by which the public knows the business. Some businesses also choose to use a logo to identify the business. To protect the logo, the business owner may choose to register for a trademark with the Maryland Secretary of State.

Most new businesses in Maryland are required to obtain a state business license, and should also contact the Internal Revenue Service to obtain an employer identification number and register for other required programs, such as social security.

Benefits of Incorporating in Maryland

For future business owners who reside in Maryland, choosing to incorporate the business in the same state has certain advantages. Maryland is considered one of the top 10 states in the country when it comes to:
- Access to capital
- Education
- Technology and innovation

In addition to these benefits, choosing to incorporate out of state can result in additional expenses and logistical hurdles for the business owner. When a Maryland business incorporates out of state, the owner will typically have to pay filing fees and file annual reports in both states. The business will also need a registered agent in both the state of incorporation and the state in which the business is physically located. In addition, even if the business is located in a state without state income taxes, if the business is physically located in another state, it may still be required to pay taxes in that state.

These are just some of the issues potential business owners must bear in mind when deciding where to incorporate their business. As there are many considerations that have significant, long-term consequences, obtaining the advice of an expert in the area is often advisable. A skilled Annapolis business law attorney will be able to provide advice on the best possible options for your business and help to successfully incorporate the business in Maryland.

Article provided by Schifanelli & Associates, LLC
Visit us at www.marcschifanelli.com

ELSE PRESS RELEASES FROM THIS DATE:

New Law Passed to Prevent Underage Drinking in Illinois

2012-11-06

In an effort to stop teen alcohol use, Illinois Governor Pat Quinn recently signed a law that makes giving alcoholic beverages to anyone under 21 a misdemeanor. Under the new law, it does not matter where the alcohol is served -- which means that it is a crime to serve alcohol to someone underage in public or inside of someone's own home. In addition, the new law - House Bill 1554 - states that if you serve alcohol to someone who is underage and they subsequently go on to hurt someone else or themselves because they were intoxicated, as the adult who served the alcohol, ...

Small Business Owners: Keep Track of Financials All Year Long

2012-11-06

Owners of small businesses typically have numerous issues and responsibilities monopolizing their time. As a result, particularly for those without a background or expertise in accounting or tax law, it can be difficult to ensure the financial structure of the business is organized in the most advantageous fashion. In addition to the tips set forth below, in many cases, it may be wise to consult with an attorney with proficiency in financial legal issues to protect the financial security of the small business. Small business owners often forget to reconsider the business ...

Do Arizona's Red-Light Cameras Make Intersections Safer?

2012-11-06

This is the question that many Arizona city and county officials are asking as they attempt to determine how red-light cameras impact road safety. There is debate whether such programs decrease auto accidents, and if red-light cameras should continue to be used. Red-light cameras are used in intersections to enforce traffic laws. The cameras take pictures of motorists who run traffic lights and the city then issues a traffic citation to the driver through the mail. Camera companies - two of which are based in Arizona - opine that red-light cameras are safe, cost-effective ...

Study Shows that Financial Incentives for Drivers Reduces Speeding

2012-11-06

Speeding kills. According to government statistics, approximately 12,000 Americans die every year in car accidents caused by speeding. Officials have attempted to reduce speeding on United States roads in many different ways, but nothing has had a dramatic impact. A new study, however, may have found a way to decrease speeding and keep our roadways safer. In a study partly funded by the National Highway Traffic Safety Administration (NHTSA), researchers placed a small GPS device in participants' cars. The GPS system reported the speed of the car against the posted speed ...

Hydraulic Fracturing Brings Risks and Rewards to Pennsylvania

2012-11-06

The advent of hydraulic fracturing has brought a whole new economy to Pennsylvania. Fracking -- which uses pressurized water, sand and chemicals to force natural gas out of underground pockets -- has unlocked a huge and previously untappable reserve of gas in the Marcellus Shale. In 2011 alone, the Marcellus Shale supplied 6 percent of America's natural gas. That number is only expected to grow as fracking technology becomes more advanced. Many people stand to make money off the Marcellus Shale fracking boom. Of course, the oil and gas companies have the most to gain, ...

New Process for Deferred Action Leads to Increase in Immigration Scams

2012-11-06

Recently, the federal government announced a new process for some individuals to gain authorization to work after requesting consideration of deferred action. On June 15, 2012, the Secretary of Homeland Security outlined the "Consideration of Deferred Action for Childhood Arrivals" plan. The new process will allow some people the opportunity to remain in the United States for a period of at least two years, with the chance to apply for a renewal thereafter. "Deferred action" means the government will choose not to pursue a removal action against the ...

Massachusetts Court: Anxiety During Traffic Stop Not Grounds for Search

2012-11-06

Picture in your mind the last time you got pulled over by the police. Between the loud siren, the flashing lights and the approaching police officer -- never mind the looming threat of an expensive traffic ticket -- you were probably pretty nervous, right? Maybe you fumbled with your wallet a little bit or acted anxious when you spoke with the police officer? If so, you probably didn't think that your reaction was all that unique or suspicious. In a recent case, the Massachusetts Appeals Court agreed. It ruled that nervous behavior alone is not sufficient evidence to ...

Wisconsin Law Combats Distracted Driving Among Novice Drivers

2012-11-06

Wisconsin safety agencies are extremely concerned with the dangerous habit of distracted driving, which is commonly practiced among teen motorists. Did you know that car accidents kill more teenagers in Wisconsin than any other cause of death? Distracted driving is a major issue that contributes to this statistic. To combat the issue, Wisconsin recently passed a new state law that prohibits drivers with an instruction permit or probationary license from using a phone while driving. The law takes effect in November 2012. A driver violating the restriction on cellphone ...

Dozens of Food Poisoning Cases at North Carolina County Fair

2012-11-06

Recent events involving widespread E. coli, listeria and salmonella poisoning, as well as pharmaceutical steroids tainted with fungal meningitis, serve as a troubling reminder of the hazards we all face from food and drugs on a daily basis. Businesses and institutions that are entrusted with providing safe and sanitary food and medicines to others are rightfully subject to product liability or premises liability claims when their products or unsanitary conditions cause illness or wrongful death. More than 100 attendees at the Cleveland County Fair fell ill in October ...

Two New Research Fields May Help Improve Lives With Paralysis

2012-11-06

Paralysis works almost unimaginably profound changes on the lives of those it touches. Daily activities become difficult and nearly insurmountable challenges. While technology has made some strides to help people deal with paralysis, paralyzed New Yorkers and other Americans have long waited for a bigger breakthrough. Two areas are showing increasing promise and paralyzed people may have a new reason to hope for more progress. The Food and Drug Administration (FDA) recently approved a new human study to continue exploring a treatment program that worked well in animals. ...

Advantages of Incorporating New Businesses in Maryland

ELSE PRESS RELEASES FROM THIS DATE:

LAST 30 PRESS RELEASES: